The Cable stopped at 1.5023 exactly at intersection of two key lines from weekly/daily timeframe,
That might be it for a couple of days, but I wouldn't exclude further move down to about 1.1460-70, so as to hit obvious SL, before some correction.

I'm looking at 1.5140 and 1.5220-40 levels as interim AOCs for bearish correction.

BTW, I didn't post this because it is obvious, but see how rat's charts all line up with what I posted yesterday about where I was looking in the ES?

Although I think I hate the Fed more than anyone, and want them abolished immediately, that isn't really the whole story. The Fed can only do what Con-gress allows them. Read this, which is a basic explanation of my thoughts, and you'll see it's not just the Fed.

http://www.armstrongeconomics.com/archives/39254

This may 'chop on the low end of the range' in here, but I really see the possibility it may dump into the close. I was kind of thinking Friday close ramp now that the area is hit and tested, but I'm not fully convinced the odds are with that right now. Maybe we can start a new tradition of a big dump into the Friday closes...

if they do ramp it up my eye is on this

here it comes

based on that abc corrective move down to this area, I'm looking for a sharp move higher, either to retest the recent high, or to challenge and take out the prior ath. All of which, by the way, sets up the major move down, which my gut says won't happen here. It needs to tease, run more stops, throw more traders out of the way in both directions....

I know I'm basically saying in here this might chop here, or ramp, or drop. Lots of good that is. But, I can't shake the feeling they will ramp this, because they almost always have. It is important to change swiftly when this pattern ends, and it may have already ended, we just don't know for sure yet. But, I'm 'conditioned' just like the masses. The only difference is I'm aware I'm conditioned.

The facts are it's really hammered down right now, it is the end of Friday, and it's on a key area. But, it is not uncommon to close something this weak right on fresh new lows. That Friday thing, it's mostly a 'small correction in an uptrend' sort of thing. If this is now in a downtrend, even if only a temporary one, that's not when they do the Friday shuffle. Just some thoughts. 'Conditioning' says 'be ready for it, it's coming any time...', gut says stay short with a partial here and see what it does. But, admittedly, the gut is very tense with that one, for sure, and ready to flip on a moment's notice.

That's good logic. Normally I'd be 100% behind that read, but that shift I felt, crude ready to trade a 30's handle again, the Fed govs all saying hike in Dec, all yapping in the same day, I think it's more likely to drop more from here. Until I sensed that shift in tenor two days ago I think it was, I was pounding the table for the new all-time highs (and have right off the low way back). I have to say I no longer see that from here, so I'll take the other side of your trade on this one, rat. Understand, everyone, if I sense a shift in the tenor I'll turn on a dime, and post that read in here. For now, though, I'm not seeing the upside (on the higher timeframe, a bounce, though, for sure possible). Cool discussion, rat, with us both stating our cases and reads. This is why this is an awesome forum.

Originally posted by rat89

based on that abc corrective move down to this area, I'm looking for a sharp move higher, either to retest the recent high, or to challenge and take out the prior ath. All of which, by the way, sets up the major move down, which my gut says won't happen here. It needs to tease, run more stops, throw more traders out of the way in both directions....

Gut wins again. For now. But it will stay ready for the flip, as any of these moves down may be the final shakeout before a pop...

Originally posted by jimkane

...'Conditioning' says 'be ready for it, it's coming any time...', gut says stay short with a partial here and see what it does. But, admittedly, the gut is very tense with that one, for sure, and ready to flip on a moment's notice.

The lowest end of this area, the 'Fib layer', is 13-15. So, anywhere in here this could be the final flush level.

I actually logged back in to make one more post. Look at how the ES finished in the little after futures Friday session! Another dump down, closing just off the new LOD, which was set at 2011.50! Sure, 'they' may come in like gangbusters on Sunday, but wow, is this weak. That change in tenor I got, it was no joke. I am so glad I posted that when I sensed it. I think the 1950's might be next.